IRS clarifies employee retention tax credit rules for Q1 and Q2 of 2021

The Internal Revenue Service (“IRS”) issued Notice 2021-23 on April 2, 2021, for employers claiming the employee retention tax credit (the “ERTC”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”). Specifically, Notice 2021-23 clarifies rules for employers claiming ERTCs for wages paid after December 31, 2020 through June 30, 2021, and expands on prior guidance provided by...
By: Thompson Coburn LLP

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